MarketsandMarkets expects the Function-as-a-Service (FaaS) market to grow from USD 1.88 billion in 2016 to USD 7.72 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.7%. The demand for FaaS is increasing due to the shifting of application development from monolithic towards serverless architecture.
The operator-centric FaaS is expected to have a high growth rate owing to maturity of the hosted services. The increasing focus on reducing operational costs and achieving operational efficiency are some of the new revenue opportunities for the vendors.
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The microservice monitoring and management services segment is anticipated to grow at the highest CAGR during the forecast period. Cloud-based deployments are increasingly adopting microservices contributing to the higher growth of this market segment.
The research and academic applications segment is expected to grow at the highest CAGR over the next five years. The rising number of users preferring FaaS due to the ease of deployment, management, and execution provided by these services is contributing to the growth of this market.
The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast period. Scalability and security are the factors contributing to the growth of hybrid cloud deployment. Some organizations may prefer to use private cloud, for better control and reduced data loss & compliance risk.
SMEs owing to their increased adoption of FaaS are growing rapidly at the highest CAGR during the forecast period. The SMEs are realizing the importance of these services and are increasingly moving from DevOps to serverless computing.
The consumer goods and retail vertical is expected to grow at the highest CAGR during the forecast period. This vertical is expected to grow rapidly in the FaaS adoption owing to the competition and increased customer satisfaction requirement, which would provide emerging players in this sector an opportunity to grow faster.
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APAC is anticipated to grow at the highest CAGR during the forecast period. Technology vendors will be seen expanding their offerings to these regions mostly in terms of partnership or merger and acquisition. The smaller emerging players will have a huge opportunity to capitalize by offering customized services and witness increase in customer base. Factors such as improved IT infrastructure, growing internet penetration, and increasing number of connected devices are the major factors supporting the growth of the FaaS market in APAC.
The major players in FaaS include IBM (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Amazon Web Services (U.S.), SAP SE (Germany), Dynatrace LLC (U.S.), Infosys Ltd. (India), Rogue Wave Software Inc. (U.S.), TIBCO Software Inc. (U.S.), and Fiorano Software and Affiliates (U.S.). These players have adopted various growth strategies such as expansions, acquisitions, partnerships, joint ventures & collaborations, and new product launches. New product launches and partnerships were the two major strategies adopted by these players to achieve a strong foothold in the FaaS market.